Fund Evaluator:
Baron Generational Growth Retail (BGRFX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Baron Generational Growth Retail Overview
Baron Generational Growth Retail (BGRFX) is an actively managed U.S. Equity Mid-Cap Growth fund. Baron Capital Group, Inc. launched the fund in 1994.
The investment seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies. The fund invests for the long term primarily in equity securities in the form of common stock of U.S. small-sized growth companies. BAMCO, Inc. ("BAMCO" or the "Adviser") defines small-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger.
About Baron Generational Growth Retail (BGRFX)
There are 2 members of the management team with an average tenure of 20.90 years: Neal Rosenberg (2016), Ronald Baron (1994). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Growth TR USD index with a weighting of 100%. Baron Generational Growth Retail has 16 securities in its portfolio. The top 10 holdings constitute 88.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Baron Generational Growth Retail is part of the Equity global asset class and is within the U.S. Equity fund group. Baron Generational Growth Retail has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.6%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Baron Generational Growth Retail has -0.6% of the portfolio in cash.
Assets Under Management
The fund has $884 million in total assets, which is above the $658 million average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BGRFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Baron Generational Growth Retail expense ratio is high compared to funds in the Mid-Cap Growth category. Baron Generational Growth Retail has an expense ratio of 1.60%, which is 46% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Baron Generational Growth Retail has a portfolio turnover rate of 1%, indicating that holds its assets around 1.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Baron Generational Growth Retail returned 7.8%, which earned it a grade of A, as the Mid-Cap Growth category had an average return of -5.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Baron Generational Growth Retail has a trailing yield of 0.56%, which is above the 0.03% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Baron Generational Growth Retail Grades
Year to date, the fund has returned -7.7%, 13.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -15.1% over the past year (grade of F), -6.0% over the past three years (grade of F) and -4.6% per year over the past five years (grade of F) and 7.2% per year over the past 10 years (grade of F).
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BGRFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BGRFX Return (NAV) | 7.8% | 5.0% | -15.1% | -6.0% | -4.6% | 7.2% |
| BGRFX Grade | A | A | F | F | F | F |
| +/- Category | 13.4% | 2.9% | -20.5% | -16.5% | -7.1% | -3.7% |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| BGRFX Tax Cost Ratio | na | na | 4.2% | 2.4% | 2.1% | 1.9% |
BGRFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BGRFX Return (NAV) | -7.7% | -14.4% | 4.8% | 14.7% | -22.6% | 19.8% | 32.7% | 40.1% | -2.9% | 27.0% | 6.0% |
| BGRFX Grade | F | F | F | F | A | A | D | A | B | B | C |
| +/- Category | -13.4% | -20.5% | -12.6% | -6.1% | 5.5% | 7.5% | -7.7% | 6.2% | 1.7% | 1.8% | 0.7% |
| Mid-Cap Growth Avg | 5.7% | 6.1% | 17.3% | 20.8% | -28.1% | 12.3% | 40.4% | 33.9% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 15.3% |
| Total Risk Index: | 1.25 - Above Average |
| Category Risk Index: | 0.81 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.76 |
| R-Squared: | 42% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2199 Mil |
| Fund Total Assets: | $ 885 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 1% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 31.6 years | |||
| Average Tenure: 20.9 years | |||
| Managers (Year): Baron Ronald (1994), Rosenberg Neal (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 16 |
| % in Top 10 Holdings: | 88.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.6% |
Purchase Information
| Fund Family: | Baron Capital Group, Inc. |
| Phone Number: | 800-992-2766 |
| Website: | https://www.baroncapitalgroup.com |
| Status: | Open |
| Inception Date: | December 30, 1994 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.60% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Baron Generational Growth Retail |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
